60.1K

Verified Solution

Link Copied!

Iron R Us began August with 65 units of bronventory that cost $30 each. During August, the company completed the lowing inventory transactions 110 (Click the icon to view the transactions) Read the requirements Requirement 1. Prepare a perpetual ventory record for the merchandise inventory using the FIFO Inventory costing method Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new Inventory on hand balances after each transaction Once perpetual record, calculate the quantity and total cost of merchandise inventory purchased sold and on hand at the end of the period (Enter the oldest ventory layers of the ansaction Purchases Cost of Goods Sold Inventory on Hand De Total Cost Total Cost Quantity Cost Cost Quantity Cost Quantity Cost Enter any number in the edit Delds and then check Answer CAS ::! Click the icon to view the transactions.) Hollowing vertory transactions Read the requirements Total Total Date Quantity Cost Cost Quantity Total Cost Cost Quantity Cost Cost Aug 1 Totals Enter any number in the edit fields and then click Check Answer pants Clear All emaining * Requirements i Data Table Units Unit Cost Unit Sales Price Aug 3 Sale 8 Purchase 21 Sale 85 $ 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method 3. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average Inventory costing method 4. Determine the company's cost of goods sold for August using FIFO, LIFO. and weighted average inventory costing methods 5. Compute gross profit for August using FIFO, LIFO, and weighted average inventory costing methods 6. If the business wanted to maximize gross profit, which method would it select? 50 30 Purchase 20 45 Print Done Print Done] hen click Check Answer Clear All

Answer & Explanation Solved by verified expert

See Answer